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Registration number: 08716275

Sustainable Product Supplies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Sustainable Product Supplies Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

5 to 9

 

Sustainable Product Supplies Ltd

Company Information

Director

Mrs CL Dixon

Registered office

16 Heritage Park
Tavistock
Devon
PL19 0BY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Sustainable Product Supplies Ltd

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mrs CL Dixon

Principal activity

The principal activity of the company is other building and industrial cleaning activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 March 2024 and signed on its behalf by:

.........................................
Mrs CL Dixon
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sustainable Product Supplies Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sustainable Product Supplies Ltd for the year ended 31 October 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sustainable Product Supplies Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sustainable Product Supplies Ltd and state those matters that we have agreed to state to the Board of Directors of Sustainable Product Supplies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sustainable Product Supplies Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sustainable Product Supplies Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sustainable Product Supplies Ltd. You consider that Sustainable Product Supplies Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sustainable Product Supplies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

20 March 2024

 

Sustainable Product Supplies Ltd

(Registration number: 08716275)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,362

3,161

Current assets

 

Debtors

6

13,384

17,303

Cash at bank and in hand

 

1,276

9,521

 

14,660

26,824

Creditors: Amounts falling due within one year

7

(10,095)

(11,664)

Net current assets

 

4,565

15,160

Total assets less current liabilities

 

6,927

18,321

Creditors: Amounts falling due after more than one year

7

(5,985)

(9,765)

Net assets

 

942

8,556

Capital and reserves

 

Called up share capital

100

100

Retained earnings

842

8,456

Shareholders' funds

 

942

8,556

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 March 2024
 

.........................................

Mrs CL Dixon

Director

 

Sustainable Product Supplies Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 Heritage Park
Tavistock
Devon
PL19 0BY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sustainable Product Supplies Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3yrs straight line

Plant and machinery

25% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

800

1,036

 

Sustainable Product Supplies Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Office equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

1,098

6,939

8,037

At 31 October 2023

1,098

6,939

8,037

Depreciation

At 1 November 2022

963

3,913

4,876

Charge for the year

83

716

799

At 31 October 2023

1,046

4,629

5,675

Carrying amount

At 31 October 2023

52

2,310

2,362

At 31 October 2022

135

3,026

3,161

 

Sustainable Product Supplies Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

6

Debtors

2023
£

2022
£

Trade debtors

2,683

4,162

Other debtors

10,701

13,141

13,384

17,303

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

3,780

3,780

Trade creditors

186

161

Taxation and social security

3,464

4,038

Other creditors

2,665

3,685

10,095

11,664

Due after one year

Loans and borrowings

5,985

9,765

 

Sustainable Product Supplies Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,985

9,765

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,780

3,780

9

Related party transactions

During the year the company made advances totalling £13,975 (2022: £17,441) to Mrs CL Dixon. The balance outstanding as at 31 October 2023, which was included within other debtors was £8,502 (2022 : £10,941). Interest is charged 2% per annum and is calculated on a montly basis. Interest of £134 (2022: £201) was charged on the outstanding balance during the year.